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Politics : Ask Michael Burke
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To: wlheatmoon who wrote (43937)1/20/1999 9:43:00 AM
From: Mike M2  Read Replies (2) of 132070
 
Mike, i have 3 tings to say about your note hohoho -g- . Your note emphasizes the " demand" for securities - The street and its lackies bombard the public with message that the demand for securities is so great yet there is very little mention of supply. I'll let you in on a little secret -the supply of stocks is only limited by the demand. Wall St has a saying when the ducks are quacking feed them. From the August issue of The Richebacher Letter"... Wall Street underwrote almost $ 1 TRILLION of new securities during the first six months (1998), fully 40% up on the heady levels of last year. According to Securites Data Corp. , straight debt issuance surged almost 70% above 1997' first half and stock offerings 45%. ..." The Richebacher Letter 1217 St. Paul Street, Baltimore, MD 21202 . I have seen more recent figures but can't find them at the moment but the pace has not let up. Wall St is breaking last years record numbers. I often hear about share repurchase programs but the shares outstanding don't seem to decline - I guess the esops take care of that -g- You make reference to the conviction of todays investor when Joseph Schumpeter wrote about the Great Depression he remarked " people for the most part stood their ground but that ground itself was to give way" . I have no doubt that there will be tough love fer all . History hath but one page . Mike
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